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 Posted: Tue Jul 08, 2008 9:16 am Post subject: I have a house with a small mortgage approx 30k, i want to g |
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| I have a house with a small mortgage approx 30k, i want to give the house to my son. can this be done? House worth about 140k, live in Texas, owe 30k on house. Does Son have to assume the loan, get a loan in his name or can I deed house, then continue to make payments |
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 laphillips
Community Experts
Joined: 10 May 2008
Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
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| Posted: Tue Jul 08, 2008 10:31 am Post subject: I have a house with a small mortgage approx 30k, i want to g |
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Welcome,
In most cases it is best to consult the lender before a transfer of title when there is still a loan pending on the property. There is usually a clause in the loan documents referred to as an Alienation or Acceleration clause.
I.E. Title to the property cannot transfer either by sale or quit claim deed without triggering the Acceleration or Alienation Clause thus causing the loan balance to become due and payable.
Very few loans are assumable in this day & age. Either check the loan documents you signed or call the lender.
More than likely your son sill have to "buy" the house from you or you may want to refinance the loan & add his name to the title.
_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com
**This is not intended as legal advice. I am not an attorney.** |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.61 Dollars($)
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| Posted: Wed Jul 09, 2008 2:50 am Post subject: |
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Hi Guest.
Welcome to the forum.
I have to agree with Lynnette that you cannot transfer the property using the quitclaim deed without taking approval from the lender. And loan assumption occurs in the process of home buying or selling. I think the lender may ask your son to refinance the mortgage on his name only.
Feel free to ask if you have any further questions.
Best of luck,
Larry |
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